Today, luxury living of the heritage rich as well as the aspirational nouveau rich is all about making a lifestyle statement – from vintage cars to limited edition accessories. They have the desire to indulge in luxury and are ready to spend to fulfil that desire. Fuelled by this dynamic lifestyle of the globe-trotting Indians, demand for super luxurious homes with classy interiors too has increased.
Not surprisingly, leading real estate developers are targeting growing UHNI segment who wish exclusivity in all spheres of life, especially their homes. Currently, Mumbai and Delhi are the markets with real and sustainable demand for genuine luxury housing. Within these cities too, traditional high-end areas see the highest concentration of luxury property development.
For super rich Indian, his home needs to be a showcase of his wealth, an ultimate lifestyle signature and should have a ‘flaunt’ quotient. Hence, high-end specifications coupled with designer fit-outs and high-tech gadgets have become the hallmark of such homes. Whilst the home offers ultra-luxury, facilities such as health club, spa, home theatre, cigar and wine lounge, crèche, children play area, golfing greens and heated pool complete their holistic lifestyle.
The main pointers defining a luxury property for UHNIs include:
Location: It projects the élite social status, is central to the city but self-contained offering privacy and exclusivity. Breath-taking view is a prerequisite.
Design: Generously proportioned apartments and villas with European inspired design and architecture featuring opulence and global standard quality of material.
Customization: The uber lifestyle would include fittings, fixtures and furnishings either imported or custom designed to suit personal tastes and choices.
Technology: Luxury homes are also Smart Homes with cutting edge home automation including fibre optics, mobile operated appliances and internet based home control from anywhere in the world.
Industry reports indicate luxury residential market potential to grow at a CAGR of 28 per cent during 2011-2013. The demand is dominated mostly by domestic buyers looking at upgrading their living accommodations to match their swish lifestyle. The emerging trends catering to these discerning customers are:
Lifestyle Amenities: High-class services like specialized housekeeping & maintenance, concierge desk, chef on call, nanny and valet service as part of the property management to satisfy the whim and fancy of a high net worth resident.
Only by Invitation: To create an exclusive neighbourhood of individuals with similar lifestyle, concept of handpicking owners and inviting them to stay is catching up.
Branded Residences: For the brand conscious high net worth individuals, developers are tying up with international designers like Armani, Versace, Jade Jagger, Gucci and Roberto Cavalli or international groups like Donald Trump to offer signature houses.
Indeed, as the average customer of this niche segment is well travelled and already exposed to best in class amenities & facilities, the providers of haute homes are coming up with exclusive offerings to stay ahead of the curve.